US Stocks slip as Coronavirus cases rise

The US stocks were mixed on Monday, 07 December 2020, with technology-heavy Nasdaq Composite closed at new highs, while the S&P 500 and Dow Jones Industrial Average eased from record high, as investors elected to book recent profit amid worries over US-China relations and worried that elevated Covid-19 infection levels could weigh on economic growth through the winter months.

At the close of trade, the Dow Jones Industrial Average index declined 148.47 points, or 0.49%, to 30,069.79. The S&P 500 index fell 7.16 points, or 0.19%, to 3,691.96. The tech-heavy Nasdaq Composite Index grew 55.71 points, or 0.45%, to 12,519.95.

 

The surge in Covid-19 cases, hospitalizations, and fatalities continues, and more governments are responding with restrictions on gatherings and economic activity. Most of California is under a stay-at-home order and New York Gov. Andrew Cuomo said indoor dining could be further restricted if the hospitalization rate fails to stabilize.

The tech-heavy Nasdaq index closed at record highs with Facebook (+2.1%), Apple (+1.2%) and Tesla (+7.1%) shares all up. Shares of Boeing rose 2.4% on a 'buy' recommendation from UBS. But Intel shares tumbled 3.4% on reports that Apple is planning a series of new Mac processors in 2021. Chevron shares shed 2.7% due to falling oil prices. Sentiment was also dulled by worries over US.

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